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Federal Register / Vol. 86, No. 34 / Tuesday, February 23, 2021 / Rules and Regulations proposed rulemaking, which would be duplicative in this case.
Regulatory Flexibility Act The Regulatory Flexibility Act RFA
generally requires that, in connection with a final rule, an agency prepare and make available for public comment a final regulatory flexibility analysis that describes the impact of a final rule on small entities defined for purposes of the RFA to include credit unions with assets less than $100 million.17 A
regulatory flexibility analysis is not required, however, if the agency certifies that the rule will not have a significant economic impact on a substantial number of small entities and publishes its certification and a short, explanatory statement in the Federal Register together with the rule.
This final rule does not have a significant economic impact on a substantial number of small entities.
There are no corporate credit unions under $100 million in assets. Therefore, the Board certifies that the rule will not have a significant economic impact on a substantial number of small entities.
Paperwork Reduction Act The Paperwork Reduction Act of 1995
PRA applies to information collection requirements in which an agency creates a new paperwork burden on regulated entities or modifies an existing burden. For purposes of the PRA, a paperwork burden may take the form of a reporting, recordkeeping, or third-party disclosure requirement, each referred to as an information collection.
The NCUA may not conduct or sponsor, and the respondent is not required to respond to, an information collection unless it displays a currently valid Office of Management and Budget OMB control number.
The final rule amends 12 CFR part 704 to address the permissibility and capital treatment of natural person subordinated debt instruments purchased by corporate credit unions.
The amendments to part 704 revise the Corporate Credit Union Call Report cleared under OMB Control number 31330067. Public comments were solicited in a separate Federal Register notice 85 FR 65435, October 15, 2020
and no comment were received. The information collection request has been submitted to the Office of Management Budget for approval.
Executive Order 13132
Executive Order 13132 encourages independent regulatory agencies to consider the impact of their actions on 17 See
80 FR 57512 Sept. 24, 2015.

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state and local interests. In adherence to fundamental federalism principles, the NCUA, an independent regulatory agency as defined in 44 U.S.C. 35025, voluntarily complies with the principles of the Executive order. This rulemaking will not have a substantial direct effect on the states, on the connection between the National Government and the states, or on the distribution of power and responsibilities among the various levels of government. The NCUA has determined that this final rule does not constitute a policy that has federalism implications for purposes of the Executive order.
Assessment of Federal Regulations and Policies on Families The NCUA has determined that this final rule does not affect family wellbeing within the meaning of section 654
of the Treasury and General Government Appropriations Act, 1999.18
Small Business Regulatory Enforcement Fairness Act The Small Business Regulatory Enforcement Fairness Act of 1996 Pub.
L. 104121 SBREFA generally provides for congressional review of agency rules.19 A reporting requirement is triggered in instances where the NCUA issues a final rule as defined by Section 551 of the APA.20 An agency rule, in addition to being subject to congressional oversight, may also be subject to a delayed effective date if the rule is a major rule. 21 The NCUA
does not believe this rule is a major rule within the meaning of the relevant sections of SBREFA. As required by SBREFA, the NCUA will submit this final rule to OMB for it to determine if the final rule is a major rule for purposes of SBREFA. The NCUA also will file appropriate reports with Congress and the Government Accountability Office so this rule may be reviewed.
List of Subjects in 12 CFR Part 704
Credit unions, Corporate credit unions, Reporting and recordkeeping requirements.
By the National Credit Union Administration Board on January 14, 2021.
Melane Conyers-Ausbrooks, Secretary of the Board.

For the reasons discussed in the preamble, the Board amends 12 CFR
part 704 as follows:
18 Public
Law 105277, 112 Stat. 2681 1998.
U.S.C. 801804.
20 5 U.S.C. 551.
21 5 U.S.C. 8042.
19 5

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PART 704CORPORATE CREDIT
UNIONS
1. The authority citation for part 704
continues to read as follows:

Authority: 12 U.S.C. 1766a, 1781, 1789.

2. In 704.2:
a. Add in alphabetical order a definition of Natural person credit union subordinated debt instrument;
and b. Revise the definition of Tier 1
capital.
The addition and revision read as follows:

704.2

Definitions.

Natural person credit union subordinated debt instrument is any debt instrument issued by a natural person credit union that is subordinate to all other claims against the credit union, including the claims of creditors, shareholders, and either the National Credit Union Share Insurance Fund or the insurer of a privately insured credit union.

Tier 1 capital means the sum of items in paragraphs 1 and 2 of this definition from which items in paragraphs 3 through 7 of this definition are deducted:
1 Retained earnings;
2 Perpetual contributed capital;
3 Deduct the amount of the corporate credit unions intangible assets that exceed one half percent of its moving daily average net assets however, the NCUA may direct the corporate credit union to add back some of these assets on the NCUAs own initiative, or the NCUAs approval of petition from the applicable state regulator or application from the corporate credit union;
4 Deduct investments, both equity and debt, in unconsolidated CUSOs;
5 Deduct an amount equal to any PCC or NCA that the corporate credit union maintains at another corporate credit union;
6 Deduct any amount of PCC
received from federally insured credit unions that causes PCC minus retained earnings, all divided by moving daily average net assets, to exceed two percent when a corporate credit unions retained earnings ratio is less than two and a half percent; and 7 Deduct any natural person credit union subordinated debt instrument held by the corporate credit union.

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